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University of Florida - Spring 2022
ECO4401: Mathematical Economics
Syllabus
Instructor: Gunnar Heins (Part I) & Thomas Knight (Part II)
Email: gheins@ufl.edu & thomas.knight@ufl.edu
Office Hours: Thursdays, 10-11am via Zoom (Meeting link is posted in Canvas)
Class Meeting Times: Mondays & Wednesdays, 3rd/4th period (9:35 - 11:30)
Room: MAT114
TA: Ann Atwater (annatwater@ufl.edu)
Student Responsibilities
Be careful to read the syllabus for unique features of this course:
• Continuedenrollmentinthiscourseisequivalent to acceptance of all stated responsibil-
ities, policies, and due dates. If there is anything that is unclear, talk to us immediately.
Waiting until the end of the term often results in less favorable outcomes.
• Students are expected to attend and participate actively in this course. It is assumed
that you have read the assigned material before attending class and are prepared to
answer questions based on the readings.
• Weaskanumberofdirectedquestionsduringthelectureperiodofthecourse. Students
are selected at random (without replacement – in order to ensure that all students have
an equal opportunity to answer questions) to answer questions based on the required
readings and lecture material. These questions are not intended to trick you or test you
ontherequiredreadings; theyaresimplyintendedtoenhancecourseparticipation. You
are free to take a pass if you do not feel comfortable answering a particular question.
• Students are expected to complete 9 analytic problem sets. These problem sets relate
to the topics of the preceding lectures and are intended to offer you practice with the
relevant mathematical techniques. In some cases, questions offer important extensions
of the material covered in class. All problem sets are due at the beginning of class on
the due date; late problem sets will not be accepted for partial credit.
• Students are expected to present their solutions to the analytic problem sets and other
in-class handouts during class. On days when problem sets are due, the first portion of
the course period is dedicated to student presentations of selected solutions. Students
are selected at random (without replacement – in order to ensure that all students
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have an equal opportunity to answer questions) to present their solutions. If you are
unsure of the solution, I will assist you in presenting the answer, but you will not be
able to take a pass.
• Students will be able to collect their problem sets from us for their solution presenta-
tions. However, you will not have your problem sets when other students are present-
ing. I recommend making a photocopy of your problem set if you want to check your
answers against the solutions presented in class.
• Any lapse of appropriate conduct while a fellow classmate is presenting may result in
a final course grade reduction of two letter grades (e.g., from an A- to a C-). This
includes not paying attention to another student’s solution. Many people are afraid to
present their own work in front of their peers, and it is our shared obligation to make
their presentation as painless as possible.
• You will be responsible for writing a 4-7 page paper with an assigned group, and all
groups will present their papers at the end of the course. Presentations will be held
during two class sessions at the end of the course, and each group will have 15 minutes
to present. All students must attend both of these sessions. You will not be told in
which of these two sessions your group will be presenting. Groups will be evaluated on
both their presentation and the paper they submit. A rubric will be made available
after Spring Break.
• There are two in-class exams: Exam 1 (February 28) and Exam 2 (April 20).
Analytic Problem Set Information and Guidelines
• All problem sets are due at 9:35am. Late problem sets (even those turned in at 9:40am)
will not be accepted.
• Students are required to demonstrate all of their work and provide thorough explana-
tions to receive credit! Attach all work on additional sheets of paper. The problem
sets do not have enough space for you to show your work and provide the required
explanations.
• You may work in groups. In fact, I highly recommend it. You are, however, required
to submit individual problem sets for grading. Copying another student’s work is not
permissible and constitutes a violation of the UF Student Honor Code.
• Keep your problem sets when I hand them back!! Some questions may refer to others
from past sets.
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Prerequisites
In order to take this course you need to either have completed both Principles courses (ECO
2013 and ECO 2023) as well as Intermediate Microeconomics (ECO 3101). Alternatively,
having taken Calculus I (MAC 2233) and Managerial Economics (ECP 3704) will allow you
to take this course. In general, this course will not shy away from introducing and using a
wide range of mathematical tools (multivariate calculus, matrix algebra, etc.). We therefore
do not recommend this course to students who are uncomfortable with math or those who
struggled with the math in ECO 3101. Please contact us if you are interested in taking this
course but are unsure if you have the appropriate background.
Course Material and Textbook
The course largely follows the book:
“Fundamental Methods of Mathematical Economics”, 4th Edition, by Alpha Chiang and
Kevin Wainwright
All additional course material (for example homeworks, solutions, and grades) will be posted
on Canvas (elearning.ufl.edu).
Exams, Homework, and Grading
Thefinalgradewillconsist of four parts: Exams, homeworks, participation and a final paper.
There will be 2 exams, which together account for 60 % of your final grade. The first exam
takes place on Feb 28 and the second one on April 20. All exams will be taken in class. If
you cannot attend one of the exams, or if you need special accommodation, please let us
know as early as possible.
There will also be 9 homeworks during the semester which account for 15% of your final
grade. Feel free to work in groups, but each one of you has to submit an individual solution.
Homework solutions will be posted on Canvas after they are due.
Problem Sets and Participation 15 %
Exam 1 30 %
Exam 2 30 %
Final Paper 25 %
Total 100 %
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If you have questions about the material or homeworks, feel free to attend office hours or
send an email to us or the TA. Regarding homeworks, please contact primarily the TA, as
she will also be the one grading those. If you need to talk to us outside of office hours, please
request a meeting via email.
Grading will be according to the scheme below. Curse grades will not be curved or rounded.
For example, a grade of 92.499999% is an A-.
Percent Grade
92.50% - 100% A
90.00% - 92.49% A-
87.50% - 89.99% B+
82.50% - 87.49% B
80.00% - 82.49% B-
77.50% - 79.99% C+
72.50% - 77.49% C
70.00% - 72.49% C-
65.00% - 69.99% D
0%- 64.99% E
Course Resources (and Hints for Success)
• The problem sets are the greatest resource you have. These problem sets provide an
almost-comprehensive review of the relevant course material and solution techniques.
Wehighly recommend taking thorough notes when the solutions are presented in class.
• Weprovidesampleexams(withsolutions). Theseexamsofferinsightintothestructure
and difficulty level of the actual exams, but they do not necessarily cover the same
material. Also, students regularly report that sample (or old) exams are less difficult
than current term exams. Be prepared for this.
• Superficial cramming will not lead to success; keeping up with the material is essential.
After each lecture, review your notes, and test whether you understand a particular
concept. You may, for example, take an example from class in which we examined the
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effect of an income increase on a consumerA’s equilibrium consumption bundle and
attempt to identify the effects of an income decrease. These thought exercises increase
your exposure to the material and sharpen your ability to apply the analytic tools
covered in class.
• As with any tools course (e.g., mathematics), the only way to learn the material is to
practice it. Take advantage of the many resources you have.
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